Raymond James Raises Planet Fitness (NYSE:PLNT) Price Target to $110.00

Planet Fitness (NYSE:PLNT) had its target price raised by Raymond James from $92.00 to $110.00 in a report released on Friday,Benzinga reports. They currently have a strong-buy rating on the stock.

A number of other brokerages have also recently issued reports on PLNT. Roth Mkm raised their target price on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Stifel Nicolaus boosted their price objective on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Bank of America increased their target price on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research report on Friday, September 27th. They set a “hold” rating and a $71.00 price target for the company. Finally, Morgan Stanley lifted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.81.

Planet Fitness Stock Up 1.2 %

NYSE:PLNT traded up $1.14 during trading hours on Friday, reaching $95.31. 1,982,660 shares of the stock were exchanged, compared to its average volume of 1,555,188. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $98.59. The stock has a market capitalization of $8.12 billion, a P/E ratio of 52.36, a P/E/G ratio of 2.84 and a beta of 1.49. The firm has a 50 day simple moving average of $81.75 and a 200-day simple moving average of $74.78.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts expect that Planet Fitness will post 2.43 earnings per share for the current year.

Institutional Trading of Planet Fitness

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after purchasing an additional 97,823 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Planet Fitness by 24.9% in the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after acquiring an additional 45,623 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in Planet Fitness in the 1st quarter worth approximately $1,786,000. State Board of Administration of Florida Retirement System grew its position in Planet Fitness by 4.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock worth $5,787,000 after purchasing an additional 3,860 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Planet Fitness by 228.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock valued at $1,445,000 after purchasing an additional 16,053 shares during the period. 95.53% of the stock is currently owned by institutional investors.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.